Palace Arcade sells for $1.45m
By JURIS GRANEY
A NEW real estate record has been set in the Maclean CBD with The Palace Arcade selling last Friday for $1.45 million.
The former movie theatre turned shopping arcade was bought by development company Lanai, part of the local Holder Baker Enterprises.
The price beats the previous record of more than $900,000 paid for by the same company to purchase the site of Maclean Home Timber and Hardware in 2002.
Broker of the deal, Raine and Horne Yamba's principal Denise Strange, said she was in the middle of negotiations with another interested buyer when Lanai offered the record-breaking deal.
The original buyer was forced to withdraw their interest in this site, but are still interested in purchasing a property in the heart of Maclean.
"I have been actively working for some months on behalf of a genuine buyer who is keen to invest in the Lower Clarence commercial property market," Ms Strange said.
"Even though the original buyer missed out on the purchase of the arcade they are still insistent on finding the right property.
"It appears that a number of investors have identified that the Maclean CBD will become one of the most attractive places to invest in the near future.
"I just wish I had two or three more properties like this one to satisfy other buyers who are now looking for their opportunity to purchase in Maclean CBD."
One of the directors of Lanai, former Maclean real estate agent Andrew Baker, said negotiations were 'quite intense'.
"We had no idea the property was available until 10 days before we exchanged contracts," Mr Baker said.
"We knew we had to act quickly to secure such an iconic piece of the town.
"The negotiations were quite intense and that hasn't allowed us to fully develop our ideas for the future, although one thing I am certain of is that we will bring the River Street art-deco style facade back to its former glory as the single most prominent feature of the main street."
Mr Baker said contracts for the site had been 'exchanged unconditionally'.
"There is no turning back now," he said.
Mr Baker said the high price tag was 'right for the site'.
Ms Strange said the vendors, Ray Moloney and his family, were 'absolutely thrilled with the record breaking result'.